Guardian Capital Real Estate Fund Completes First Closing

Guardian Capital Group Limited (TSX:GCG)(TSX:GCG.A) is pleased to announce the successful launch and initial funding of its first direct real estate investment fund, Guardian Capital Real Estate Fund LP (the "Fund"). The Fund is managed by Guardian Capital Real Estate Inc., Guardian's real estate management subsidiary.

The Fund has successfully closed its first round of capital commitments and is now actively seeking to invest in a portfolio of office, retail, light industrial and multi-residential real estate properties across Canada. The Manager's objectives for the Fund are to provide investors with annual cash yields of 6-8% and preserve capital while providing the opportunity for long-term capital appreciation. To achieve these objectives, the Manager's investment strategy is to cause the Fund to acquire a diversified portfolio of income-producing properties, providing investors with a balanced exposure to Canadian real estate, stable cash yield, diversified tenant risk, income correlation to inflation and added value through active asset management.

Guardian Capital Group Limited has aligned its interest with third party investors in the Fund by subscribing, through a subsidiary, for units of the Fund to a value of $25,000,000. This commitment is consistent with the company's strategy of diversifying its own corporate investment portfolio while simultaneously establishing best-in-class asset management capabilities that meet the long term, strategic investment allocation needs of its existing clients and prospective new investors.

About Guardian Capital Group Limited

Guardian is a diversified financial services company founded in 1962. Guardian provides institutional and high net worth investment management services to clients with assets under management of $18.8 billion as at 31 December 2012. Its Common and Class A shares are listed on the Toronto Stock Exchange.

Guardian Capital Real Estate Fund is open for new investors.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of the Fund in the United States.

Contacts: For information on the Fund, please contact: Brent Chapman Managing Director [e-mail] Stephen Tiller Managing Director [e-mail]